How Will You Spend Your Time?
Retirement is a big change and we don’t always know what the next chapter looks like. However, having an idea of what you want to do in retirement allows you to better estimate what your expenses will be. Being realistic will also give you a higher level of confidence that you have saved enough to retire.
Know Your Expenses
Knowing your expenses is a critical component to determine if you can or should retire. Running out of money is a top concern for retirees, having an understanding of your expenses can help put a plan in place to minimize the chances of this happening.
There can be many different sources of income in retirement- investments, social security, and pensions are just a few common income streams. Many questions can arise about when to withdraw from investments, when to start Social Security, how much to withdraw, and what is the best tax strategy. Working with an advisor can help you plan the best way to fund your retirement needs.
Evaluate Your Health Care and Insurance Needs
Health care can be a big deciding factor on when to retire. Whether it is private insurance or Medicare you will need to plan ahead to choose the right option for you. The options can be numerous and confusing, FSB Premier has experts who can help navigate selecting the best option for you.
It is important to make sure you have your will, power of attorney, and health care proxy up to date. Many of your accounts list beneficiaries to help avoid probate. These should be reviewed to make sure they are listed according to your wishes.
Written by: Tiffany CoffinThis blog is intended to be an informational resource for readers. The views expressed on this blog are those of the bloggers, and not necessarily those of FSB Premier. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. FSB Premier does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed. Investments and insurance products are not FDIC insured, have no bank guarantee, and may lose value.